EX-12 3 ex12apco20153q.htm COMPUTATION OF RATIOS - APCO Exhibit


EXHIBIT 12
 
 
APPALACHIAN POWER COMPANY AND SUBSIDIARIES
Computation of Consolidated Ratios of Earnings to Fixed Charges
(in thousands except ratio data)
 
 
 
 
 
 
 
 
 
 
 
 
Twelve
 
Nine
 
 
 
 
 
 
 
 
 
 
 
 
Months
 
Months
 
 
Years Ended December 31,
 
Ended 
 
Ended
 
 
2010
 
2011
 
2012
 
2013
 
2014
 
9/30/2015
 
9/30/2015
EARNINGS
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Income Before Income Taxes
 
$
210,898

 
$
252,618

 
$
423,030

 
$
326,146

 
$
370,343

 
$
506,063

 
$
443,809

Fixed Charges (as below)
 
217,500

 
217,280

 
210,421

 
201,704

 
220,480

 
211,272

 
156,131

Total Earnings
 
$
428,398

 
$
469,898

 
$
633,451

 
$
527,850

 
$
590,823

 
$
717,335

 
$
599,940

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
207,649

 
$
204,623

 
$
202,074

 
$
192,982

 
$
209,570

 
$
197,630

 
$
145,600

Credit for Allowance for Borrowed Funds
   Used During Construction
 
2,251

 
6,257

 
1,347

 
1,522

 
3,810

 
6,542

 
5,206

Estimated Interest Element in Lease Rentals
 
7,600

 
6,400

 
7,000

 
7,200

 
7,100

 
7,100

 
5,325

Total Fixed Charges
 
$
217,500

 
$
217,280

 
$
210,421

 
$
201,704

 
$
220,480

 
$
211,272

 
$
156,131

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.96

 
2.16

 
3.01

 
2.61

 
2.67

 
3.39

 
3.84